1.What is elasticity of Demand?

A)the degree of responsiveness of quantity demanded to a Change in Cost.

B)the degree of responsiveness of quantity demanded to a Change in price.
C)the degree of responsiveness of quantity demanded to a Change in demand.
D)the degree of responsiveness of quantity demanded to a Change in supply.

Answer : Option B
2.What is meant by marginal revenue?

A)Selling one more unit of product .

B) Buying of one more unit of product .
C) Selling Entire unit of product .
D) Buying of one more unit of product

Answer : Option A
3.List out the elements of cost?
A) V Materials.
B) Labor cost
C) Expenses
D) All of them.
Answer : Option D

4.Which one is micro economics ?

A)the study of a particular components.
B) the study of a Entire components.
C) the study of behavior on broad economic aggregate.
D)None of them.

Answer : Option A
5)Which is related to law of demand?
a) Price of related goods remains constant.
b) Income of the consumer does not change
c) Taste and preferences of the people remain unchanged.
d) All of them.
6. What is mean by fixed cost?
A) Does not change with change in the level of output.
B) change with change in the level of output.
C) Never change with change in the level of output.
D) None of them